The $2.4 million bankruptcy of one of the pioneers of Pike/Pine’s explosion as a center of Seattle food and drink investment is behind the sudden closure of 12th Ave’s The Old Sage. While Brian McCracken’s neighboring Tavern Law has not made a similar announcement, rumors of a sale of the early player in Seattle’s renewed craft cocktail scene persist.
The bad news about The Old Sage bar and restaurant, as so much bad news does these days, came over the weekend via Facebook:
Friends of the Old Sage, its with a heavy heart that we must say goodbye to you all tonight. We have had a amazing run and truly appreciate all the support you have given us over the years. Our entire staff invites you to join us tonight for one last get together. Come on down, drink some scotch, laugh with us, and lets give The Old Sage one amazing goodbye. 50% off everything we have left, CASH ONLY.
According to documents filed in Western District of Washington United States Bankruptcy Court, McCracken and his wife filed May 20th for chapter 7 protection over some $2.4 million in debts. Included in the filings are some $70,000 in taxes, nearly $50,000 in student loans, $10,000 for a 12th and Madison landlord, $38,000 owed to McCracken’s landlord in Belltown, $26,000 and change to AMEX, a whopping $218,439 to Gravity Payments, and $67,329 to something called Loan Me to go with $5,200 owed to the Money Tree. Continue reading